From Islamic empire, cards entered Europe with pictures of swords and cup symbols. In Europe these were replaced by representations of Kings and Knights. These Islamic cards also entered Spain. Those were also the days were we had hand painted cards with beautiful representations. There were traditional designs as well as fancy cards.

France gave vent to the idea of simple designs and pictures on the cards and those we use today saw their beginning in France. Thus spades, diamonds and hearts began to be used more on cards. It then began to be used in England and then in America.

About 1800, Americans began using their cards. They invented Joker, the highest card in the game of Euchre.

The first pack of card in Europe comprised of 52 cards in total. This was further enhanced by the idea of adding more cards to the number and thus was born the idea of tarot pack. They contained 78 cards at first and this was extended to 97 and more.

New fashion and techniques came up and newer ideas began to be employed in the cards in a very large scale. As a result numeral cards were replaced by design cards. Till date many transformations happened in the field of cards and it has become a trend to use the latest in the card playing field.

A set of generally accepted rules will be maintained in playing card games and the flexible dealing is done before the actual game starts. There are different types of card games. They are, trick taking games, gambling card games, Solitaire games, Collectible card games, etc.

1. Trick taking games

Card games with a different play structure are called as trick taking games. These games use the concept of a trick, were during each trick each player puts one card from his hand. When everyone finishes playing a card to the trick, they are turned face down and removed from play. One player will have the lead for each trick and other players play according to their physical position.

There are also variations in trick taking games like Positive trick taking games, Exact prediction trick taking games, Final trick games, and more. This also involves Cassino, Hearts, Pinochle, Spades, Seuca, Whist etc.

2. Gambling card games

Gambling games or casino games can be further divided into various sections like beatable and unbeatable casino games. Beatable casino games include poker games, blackjack, video poker and the like. Unbeatable casino games include Baccarat, Craps, Roulette, 3-card poker, 4-card poker, Keno and lot more.

3. Solitaire games

These are single player card games with details varying in character. These involve dealing cards from a shuffled deck in a special arrangement. There are different solitaire games like Ace of the Pile, Calculation, Concentration, FreeCell, Kings in the Corner, etc.

4. Collectible card games

Collectible card games are otherwise known as customizable card games. They are played using specially designed set of cards. They follow a set of rules by which the cards interact. They are distributed as sealed packs with subsets of the available cards. This includes starter set, theme deck and starter deck.

Depending upon the number of people play and the interest of the players in general, the type of card game can be decided. It can also be decided based on the complexity of rules in the card game, how well it suits the present group who play, skill of the players and also the time needed for the game. Whichever type the game is, it is after all a matter of fun at last even though the involvement of money has a role to play in playing cards.

Money Management – Positive Progression Systems

14. A Positive Progression System is one in which you increase the amount of your bets when you win and decrease the amounts of your bets when you lose. To use this system properly you must establish a “standard” betting unit.
15. Your “standard” betting unit should be a comfortable percentage of the gambling bankroll that you will be working with for a particular gambling session. For example, if your session’s bankroll is $100, you might make your “standard” betting unit $10.00. This way you would be able to play at least 10 betting events before running out of funds even if you lost all 10 events in a row.
16. These systems allow you to win relatively large amounts during a hot streak while helping to minimize your losses during cold streaks.
17. A common example of this strategy is to add one-half of the amounts you win to your next bet. For example, at blackjack if you win a hand with your “standard” betting unit of $10.00 you would add $5.00 to the bet on the next hand for a total bet of $15.00. If you win that hand you would add $7.50 to the $15.00 for a bet of $22.50 on the next hand. When you eventually lose a hand, return to your “standard” betting unit of $10.00 on the next hand and start the system all over. Of course in practice these increases of 50% will be approximate.
18. Another more complicated system is to always keep your bankroll divided into a certain number of units and then bet one unit on each event. As you win, your total bankroll becomes bigger so each unit will grow and you’ll be betting larger amounts. As you lose, your units, and bets, become smaller.
19. Establish a system for drawing some of the winnings from your gambling bankroll occasionally to put it into your “do not touch” bankroll. For example, when you double your bankroll you might take one-half of the winnings to put into the “do not touch” bankroll. If you experience a long winning streak using a Positive Progression System the winnings can grow dramatically.

Money Management – Negative Progression Systems

20. A Negative Progression System is one in which you increase the amount of your bets when you lose and decrease the amounts of your bets when you win. Again, to use this system properly you must establish your “standard” betting unit.
21. The most common negative progression system is the Martingale System. Here you double the amount of your bet if you lose and return to your “standard” betting unit when you win. For example, at blackjack if you bet $10.00 and lose you would bet $20.00 on the next hand. If you win that hand you would then reduce your bet to the “standard” $10.00 bet for the following hand. In all gambling, the Martingale system will always fail in the long run.
22. This system can be very frustrating because during a hot streak you are winning only your “standard” betting unit. And during cold streaks you are continually losing bigger and bigger amounts.
23. Remember, draw some money occasionally from your gambling bankroll winnings and put it into a “do not touch” bankroll.

Playing Roulette

24. American roulette is one of the worst casino games that you can play because the house advantage under standard rules is 5.26% or higher.
25. European roulette offers a lower house advantage under standard rules of 2.7% because there are fewer slots with only one “0″ as opposed to the “0″ and “00″ in American roulette.
26. All bets on in American roulette give the house an advantage of 5.26% with one exception: the “0″, “00″, 1, 2, 3 combination bet gives the house a much larger 7.89% advantage.
27. All roulette betting systems rely on the inaccurate assumption that the result of previous spins can predict future results. Unless the system is defective or fixed, each spin carries the same odds as every other spin.
28. The most popular betting system at roulette is the negative progression system known as Martingale (see #17). As in all other games, the Martingale used in roulette will always fail in the long run.
29. Because of the heavy house advantage if you are playing not just for amusement but to win money you might as well take a shot at the higher payoff bets and hope that you get lucky.
30. Try a modified positive progression system at roulette. Divide the amount you are willing to lose at one roulette session into 35 “standard” betting units. Pick one number and bet one unit on that number (must be at least equal to the table minimum bet). Continue playing one unit on that same number until you either win or run out of your 35 unit bankroll. If you win, bet two units on the same number and continue betting two units on that number until you either win or lose your bankroll. If you win again, walk away!
31. Roulette is a relatively slow moving game compared to other online games, so it should take you a longer time to lose your bankroll.
32. Do not play roulette as a way to win money; the odds are too heavy in favor of the house. Play roulette only as a way to have fun and pass the time without losing a lot of money quickly.

Playing Baccarat

33. Baccarat is one of the easiest casino games to play and offers a relatively low advantage to the house of just 1.06%.
34. There may be as many as 12 to 14 players at a table, with the role as dealer passed around the table much as the dice are passed around a craps table.
35. All players may bet on each hand and the bets are either on the “player”, on the “dealer” or on a tie. With the exception of the tie bet, baccarat is much like betting heads or tails on the flip of a coin.
36. Neither banker nor player can make any decisions regarding play; the rules of the game stipulate what must be done with every hand and a house “dealer” supervising the game will direct the play accordingly.
37. Winning bets on the player or the dealer both pay even money, minus a 5% commission paid either at the time of the bet or when the player leaves the table.
38. Winning bets on a tie usually pay 8 to 1, again minus a 5% commission.
39. In an 8-deck game, the house advantage is slightly less for a “banker bet” and dramatically higher for a “tie bet”, so it seems most logical to bet only on the banker.
40. As in all online gambling, card counting is meaningless because the deck(s) is usually shuffled after each hand in baccarat.

Playing Blackjack

41. Blackjack offers one of the lowest house advantages at around .60%, but expert players can actually create situations where the player has an advantage.
42. For the serious player there are many complex strategies that require time and dedication to master.
43. Never just sit down cold at a table. Blackjack tends to be a game of streaks, so watch a table for a few hands to determine if it is a hot or cold table for the players.
44. A “soft” hand is a hand with an Ace that can be counted as either a 1 or an 11 in value and still keep the hand’s total at 21 or less.
45. A “hard” hand is a hand with an Ace that must be counted as 1 in value in order to keep the hand’s total at 21 or less.
46. A beginning or social player should stick to the generally accepted rules of the basic blackjack strategy.
47. Never be afraid to take a card that might bust you. Always play the odds; don’t let the fear of a bust stop you from taking a card when you know it’s the option with the highest probability of success no matter how small that probability may be.
48. Read one of the many excellent books on counting cards if you are serious about blackjack and willing to spend a lot of time practicing and perfecting your play. As in all online gambling, card counting is of little value because the deck(s) is usually shuffled after each hand. In blackjack, however, with many players at a table it may be beneficial for that one hand.

Playing Blackjack to Win – The Best Moves

49. Always split Aces and 8s as the odds are good that the two new hands will be dramatically better than either the soft 12 or hard 16.
50. Stand with a hard 12 or higher when the dealer is showing a 4, 5 or 6. The odds are good that the dealer may bust on the next card or that you will bust if you take another card.
51. Take a hit on anything below a hard 17 when the dealer is showing a 7 through an Ace. Don’t be afraid to bust!
52. Always double your bet when you’re dealt an 11.

Playing Blackjack to Lose – The Worst Moves

53. Never split 10s because you may very well be trading one excellent hand for two mediocre or bad hands.
54. Never take insurance since the odds significantly favor the dealer. Even if you’re holding a blackjack on the hand yourself you will be trading a high probability of winning a 1.5 to 1 payout in exchange for a guaranteed even money payout.
55. Never stand with a soft hand that totals less than a soft 17.

Playing Craps

56. Craps is an entertaining and fast paced dice game that offers some of the best odds for players, as low as a 1.41% house advantage and even lower for some bets.
57. Craps can be a very complicated game so if you are going to be a serious player read and absorb a good systems book.
58. Establish a “standard” betting unit that is lower than your “standard” betting unit in most other casino games because in craps it’s easy to get a lot of money on the table quickly during a long roll.

Playing Craps to Win – The Best Bets

59. If you just want to enjoy the game but play like you know what you’re doing, try a very simple strategy starting with a new roller.
60. The Don’t Pass line offers relatively good odds with just a 1.40% house advantage.
61. The Pass Line also offers relatively good odds with just a 1.41% house advantage.
62. Place a minimum amount of your “standard” unit bet on either the Pass Line or the Don’t Pass Line and save the majority of the unit to “take the odds” after the point is established. In doing this you will get true odds on that backup bet with no house advantage at all.
63. Place a bet on the six or the eight in dollar amounts that are a multiple of six. The house advantage on this bet is only 1.52% and if the number is rolled you’ll win $7.00 for every $6.00 you bet.

Playing Craps to Lose – The Worst Bets

64. All of these bets offer impressive payouts but even those high payouts are not enough to offset the big house advantage.
65. The “Any 7″ bet, where you bet that the next roll will be a 7, provides the worst odds on the table with a house advantage of almost 17%.
66. The “Any Craps” bet, where you bet that the next roll will be a 2, 3 or 12, also offers bad odds with a house advantage of just over 11%.
67. The “Hardway” bets and the “Big 6″ and “Big 8″ bets are also poor odds with a house advantage of from 9% to 11%.

Playing Texas Hold-’Em Poker

68. The more players there are at the table the higher the odds that at least one other player has a strong pocket hand, so be more cautious with your pre-flop betting.
69. Be careful betting a high pre-flop card unless you have a good kicker as well.
70. Determine early the types of players at your table – aggressive or cautious – and remember and adjust your determinations throughout the game.
71. At games where notes are allowed make a note on any player whose tendencies you identify. You may see them later at another table.
72. Bet or raise with a good hand; don’t let other players get free cards that might make their marginal hand into a strong one.
73. Don’t be predictable. Vary your play to confuse your opponents as to whether you are an aggressive or cautious player.
74. Don’t bluff often and try to establish a cautious reputation at the table so that when you do bluff your opponents will think you must have a good hand and be more reluctant to call your bluff.

Playing Slots – The Facts

75. The payback percentages for online slot machines are generally better than the payback percentages in live casinos.
76. The numbers revealed on a spin of the wheels on a slot machine do not show up in any order. The numbers are being selected constantly, not just when the handle is pulled. The numbers to be displayed on the wheels are randomly selected at the instant that the handle is pulled or the spin button is pushed.
77. It’s impossible to tell when a machine is about to hit.
78. A machine can go for very long periods of time without a significant jackpot or it could register several large jackpots in a row. It’s all random selection.
79. The number of coins you choose to play affects only the amount of your bet; it does not influence the selection of the numbers.
80. Slot machines can be set with different payback percentages as well as different hit percentages.
81. Payback is the percentage of the money bet that the machine will return to the players over the long term. It usually ranges from 75% to as much as 99%.
82. The hit percentage is the percent of the time that the machine will payout some money on a spin. This can vary widely, from under 10% to over 90%.
83. Machines that are set to pay off frequently will usually have more small payout amounts and fewer large jackpots.
84. Machines with a high hit percentage (those that are set to pay off frequently) are normally referred to as “loose” slots.
85. Machines with a low hit percentage (those that are set to seldom pay off) will usually have more large jackpots and few small payout amounts.
86. Machines with a low hit percentage (those that are set to pay off infrequently) are normally referred to as “tight” slots.
87. There is no universally accepted “good” slot machine; it depends on the individual player and whether he would prefer many small payouts or a chance for one large jackpot.

Playing Slots – Strategies

88. Because of the random nature of each individual machine no gaming strategy will work over the long run on slots.
89. Before you start a gambling session on slots determine the amount you want to win and resolve to withdraw your cash when you reach that goal.
90. Choose an online site that does not have a wagering requirement that must be met before you can withdraw your money.
91. With all other factors being equal, choose the online site that offers the biggest bonus to new players.
92. Because the house has an advantage in slots, playing with small bets for long periods is a sure-fire strategy to lose.
93. The key to improving your odds of winning lies in knowing which type of slot machine to play.
94. When selecting a slot to play, avoid those with huge jackpots; the best odds of winning lie in the machines with small jackpots because their most frequent payoffs will be of medium size.
95. Play only on small jackpot machines that offer as many beneficial bonus features as possible.
96. Look for machines that offer wild symbols as well as multipliers to improve your odds of winning.
97. Look for slots offering second-screen bonuses or free spins to improve your chances of winning.
98. Look for slots offering what is known as the “gamble” feature where your wins can be gambled for double-or-nothing for as many as five times.
99. When you reach your pre-determined target for winnings STOP and cash in your chips.

Finally, there are two critical rules to all gambling, including online gambling, that you must follow and these rules bear repeating:

100. Never gamble with “dear” money; only gamble with “excess” money. In other words, never gamble with money that you will need, or may need, to pay your everyday living expenses.
101. Set a limit to the amount of money you are willing to lose, and can afford to lose, and stick to it.

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In this review, we examine some pertinent and extant academic literature on effective adverse selection and moral hazard optimal mitigation strategies. Each mitigation strategy has costs and benefits. Therefore, the objective function is to maximize the net benefit of mitigation strategies. In practice, the optimal risk mitigation strategy equates marginal costs to marginal benefits by minimizing the incidence of adverse effects derivative of decision failures and maximizing the profit producing capacity of the enterprise.

Adverse selection and moral hazard are terms used in risk management, managerial economic and policy sciences to characterize situations where one party to a market transaction is at a disadvantage due to asymmetric information. In market transactions, adverse selection occurs when there is a lack of symmetric information prior to agreements between sellers and buyers, while moral hazard occurs when there is asymmetric information between the two parties and material changes in behavior of one party after agreements have been concluded.

For example, adverse selection arises in any situation in which one party to a contract or negotiation, possesses material information relevant to the contract or negotiation that the other party lacks; this asymmetric material information leads the party lacking relevant and material information to make decisions that cause it to suffer adverse effects. Therefore, adverse selection occurs when one party makes decisions without all the relevant material information, which changes the risks allocation between the parties to the transactions.

When one party has access to better or material relevant information than the other party during a transaction, it is said that one has asymmetric information. Therefore, when a party has asymmetric information, they may make an adverse selection. Adverse selection arises when the actual risk is substantially higher than the risk known at the time the agreement was reached. One party suffers adverse effects by accepting terms or receiving prices that do not accurately reflect actual risk exposure. The consequences of asymmetric information may be exacerbated by bounded rationality and cognitive biases attendant to most competitive use of information. Conversely, moral hazard occurs when a party conceals or misrepresents material relevant information and changes behavior after the agreement is concluded and is shielded from the consequences of the risks emanating from material change in behavior.

Economic and policy sciences suggest the decision makers must not only know, but indeed, understand and anticipate consequences of asymmetric information to mitigate risks of adverse effects attendant to adverse selection and moral hazard. There are classic examples from academia and insurance industry.

Non-selective academic programs attract a disproportionate number of students whose previous academic background and profile make them higher risk for academic success, retention, graduation, and placement. Indeed, this is a classic case of adverse effects derivative of adverse selection and moral hazard.

For example, non-selective admission process combines recruitment and selection which results in adverse selection. And once admitted, refusal to attend classes, refusal to complete assignments, refusal to take notes in classes, critical listening, disruptive and inattentive conduct in classes are instances of post-enrollment moral hazard that make non-selective students a higher risk for retention, graduation and placement. Please note, it is not the change in behavior per se that causes moral hazard in this instance. It is the discounted consequences from changed behavior that gives rise to moral hazard.

There is gathering evidence that some of these non-selective academic programs are increasingly willing to accept higher risks derivative of adverse selection and moral hazard because their operating budget is enrollment driven. Therefore, in the short-run enrollment is a more pressing need than retention, graduation and placement rates. The focus on enrollment is necessary but short-sighted and misguided because in practice, these benchmarks and indices are interrelated, circular and cumulative.

In the insurance industry, insured healthy females in child bearing age and healthy middle-aged females who subsequently seek creative ways to get pregnant present adverse selection and moral hazard problems. Further, insurance applicants whose actual risks are substantially higher than the risks known by the insurance company are potentially interesting case studies. The insurance company suffers adverse effects by offering coverage at premiums that do not accurately reflect its actual risks exposure.

Risks Mitigation Strategies and Some Practical Guidance

Please consult with competent professional for specific advice. The following are general guidelines based on review of extant academic literature, cumulative professional practice and best industry practices. In sum, adverse selection and moral hazard derivative of asymmetric information expose parties to transactions to undue amounts of higher risks for which they are not adequately and appropriately compensated. Therefore, it is essential for parties to take all the steps possible to mitigate risks of adverse effects derivative of asymmetric information and the attendant decision failures.

Managerial economic principles and best industry practices suggest screening and sorting to mitigate adverse selection, and incentive contracts to mitigate moral hazard. Additionally, strategic intelligence systems (SIS) that provide relevant, accurate and timely identification and quantification of risk factors is strongly recommended.

In risk management, the use of aggregate limits of liability and policy riders that proscribe post-contract material unilateral actions, and caps aggregate financial risks to parties is strongly recommended. Further, dispositive disclosure, discovery, monitoring, random inspection, and verification are highly recommended.

Finally, because adverse selection derives from hidden characteristics and profiles and moral hazard derives from hidden actions, the decision systems and strategic intelligence systems must be transparent and provide relevant, accurate and timely information to facilitate decisions based on known probability of risks incidence and allocation between the parties to the transactions with due and appropriate compensation.

When you come across a game of craps, there’s a good chance that it will employ the standard rules. However, variations on craps do exist, and the following are some of the most common:

Simple Craps – In this basic version of the game, the player wins on a roll of 2, 3, 4, 10, 11, and 12. If a 5, 6, 7, 8, or 9 is rolled, the player loses.

High Point Craps – A player wins if they get an 11 or 12 on their first roll. If a 2 or 3 are thrown on the initial roll, the dice are returned to the player for another try. Any number from 4 to 10 can be established as the point, and the player must exceed that total on their next roll.

Crapless Craps – The player can’t lose on the come out roll, but the only automatic winner is the 7. Since the house edge is nearly quadrupled, most experienced players avoid this game.

Die Rich Craps – A single die is used in this version of the game, and the player wins on the come out roll by getting a 6. The pass line bet loses on a 1, and the numbers 2 through 5 establish the point. The player then gets three rolls to make the point, and the payout fluctuates with the number of rolls. Rolling a 1, however, always results in a loss.

Chuck a Luck – Three dice are rolled from a shaker, and players wager on a number from 1 to 6. The bettor wins according to how many times their chosen number comes up on the roll. While it’s closer to sic bo than craps, novice players may confuse the two.

New York Craps – There are several differences in the rules, but the biggest is that Come and Don’t Come wagers aren’t allowed. This variant can be found on the East Coast, as well as certain parts of Europe.

Best Craps Bets

If you want to reduce the casino advantage as low as possible, stick with the following wagers.

Pass Odds- If the come-out roll results in a 4, 5, 6, 8, 9, or 10, the player can take odds by wagering a set multiple of the pass line bet. This new wager wins if the point is made, and it pays at the following odds: 2:1 for a 4 or 10; 3:2 for a 5 or 9; and 6:5 for a 6 or 8.

Don’t Pass Odds – Like the previous wager, except this time the player is betting on a 7 to be rolled after the point has been established. Pays 1:2 against a 4 or 10; 2:3 against a 5 or 9; and 5:6 against a 6 or 8.

Worst Craps Bets

Craps at US casinos provide a lot of fun betting options, but some of them are heavily slanted in favor of the house. If you want to gamble smart, always avoid the following wagers:

Any 7 – Pays 4:1if the shooter rolls a 7. Unfortunately, the house edge is 16.67%.

World – Pays 26:5 if a 2 or 12 are rolled and 11:5 on a 3 or 11. If a 7 comes up, the result is a push. The house edge is 13.33%.

The Art of Dice Control

If you’re playing craps games online, this won’t be an option. For the land-based player, however, dice control is an interesting strategy that’s intended to negate the random nature of the game. The player positions the dice in his hand and tosses them in such a way that they graze the back wall instead of bouncing off.

Casinos frown on dice control, so hours of practice are needed to perfect its execution. Some Gamblingpedia.org experts argue that it’s impossible to determine the outcome of the roll with any consistency, although there are players who claim over 100 throws in a row using this method.